Blockchain is a technological advancement that can bring about significant benefits to the future of the retail industry; after building up over the years, the retailers have made the technology a necessary element in their business strategy.
Fremont, CA: Considerable progress was made in blockchain adoption in retail the retail industry in 2019, and the adoption is expected to rise exponentially this year. Numerous companies are leveraging the blockchain in retail, for example, Walmart has used blockchain in many of its pilot projects as blockchain bestows retailers with the power to bring transparency to supply chains, enabling businesses to build trust with the customers. With the emergence of new tech-savvy shoppers, the demand for more information about their products has increased. The businesses around the supply chain need better access to data, and to share that information transparently with the shoppers help them to build the trust stronger.
According to the Global Blockchain survey conducted by Deloitte in 2019, 86 percent of the surveyed senior executives stated that they foresee blockchain achieving mainstream adoption, and 53 percent recognizing it as their top priorities.
Blockchain is deemed to impact the retail industry in two ways in 2020.
Seamless Omnichannel Retailing- 2019 was a year of innovation that gave an aspiring variety of retail channels. Going about the brick-and-mortar side, the pop-up shops have been trendy for everyone from Louis Vuitton to Patagonia. To add these channels, the retailers need to tie everything together in one cohesive omnichannel model. Blockchain can help in making this happen by enabling the real-time flow of records that are shared and logged by each link in the supply chain. This indicates that the products via social media can be picked up in-store, and online orders can be returned to a shop.
Streamlining with Corporate Missions- The new age shopper is conscious about their decisions making. They demand products that are eco-friendly, free of slave labor, and cruelty-free, among other ethical considerations. It increases the number of retailers to deploy blockchain as a means of upholding commitments to ethical business practices. Blockchain provides a decentralized ledger of the history of the product, and this gives companies the full transparency into their supply chains so that they can ensure that their goods are conflict-free and share that with the customers.
Moreover, the most significant trend of blockchain is that it is moving past the hype and is becoming less of a buzz word ad more of a tangible reality.
See also: Top Retail Technology Companies